In the meantime, Shahan said, efforts are under way to replace Sears, with a potential deal worked out by year's end.

Earlier this week, Belk unveiled plans for a $1.5 million upgrade to its store in the mall.

Phil Brown, the store's general manager, said in a release that Charlotte-based Belk aimed to "satisfy the Southern lifestyle fashion needs of our customers." According to Belk, its work will expand its merchandise, including new styles of shoes and accessories.